and that is it for "the willis report." have a great night, we will see you tomorrow. ♪ neil: why is the faith and stocks tanking? welcome, i am tom sullivan sitting in for neil cavuto. a new survey showing three out of four americans are not more willing to jump into stocks. that is even with the dow doubling under president obama. my next guest wondering if people are doubting the market because of president obama. stephen moore and jimmy weinstein. steve, let's start with you. the market has done very, very well. the fed keeps pumping the
artificial money which keeps the stock market going higher. the idea was a wealth effect. what happened to it? >> you can only blame some of this on obama policies. the real explanation why americans are not investing in the stock market is, tom, they are traumatized b the what happened in 2008. people are reluctant to put their toes back in the water after losing 30, 40, 50% of the wealth. by the way, if you just said, people missed out on the bull market expansion. the market practically doubled. my point is i think the reason people are still fearful of putting money into the market is because they are seeing what president obama is doing. they are seeing this hostility toward business, hostility toward profit and the free market. you see that in the tax increases, you see that in the rhetoric of the rich have too much money.
tom: when i sit down and think about where i should put my money, should i go to the bank and get a cd, do you think about who the politicians are? is that a big part of it for most people? >> that is part of the information you don't think the president is so bullish about the american economy. i think it can be embodied in two names michael lewis and bernie madoff. the best-selling author of financial books which kind of showed how some of the high-end is rigged against the individual investor. that is a little overstated. he scared investors the little guy cannot win on wall street. on the other end, bernie madoff of a medic of the corruption that went on. people lost their entire savings. the little guy might get a little scared saying can i compete with the big firms? is the system rigged against me?
>> tom, i agree with that entirely, but the tragedy is if americans had reinvested their money in the stock market during the bottom of the crash, think how much wealthier americans would be. the irony is a small investor is the person harmed by this and the fear. the other point i would make quickly as interest rates are as low as they have been, are you going to make any money, are you going to get rich pudding your money in 3% bonds? tom: people are getting the 0.0 something percent on their bank account, but i kind of smile because there is the old thing about when the facebook people or joe kennedy said when the shoeshine guys give tax tips or stock tips, it was time to get out of the market. >> i absolutely agree with that. he is right, people are
comparing it to daytraders and the high-end trading kind of strategies, but if they just value invest over the long run, the stock market equities have proven to be one of the greatest investments that there is. if they kept their money in safe value stocks, it will be best in the long run. >>tom: a lot of people are puttg money into the stock market. it automatically comes out, they don't see what it is. i don't know how much has shifted into bond funds or some sort of guaranteed income fund, but, steve, there is a lot of money still pouring into the market besides the fed pushing the dollar lower and pushing more money into the stock market. >> this is why i am still pretty bullish on the market. you have to trillion dollars sitting on the sideline that has not gotten reinvested going into bonds paying close to zero, and i think when you see some confidence rebuild, that is when
the money will start going in and you will see the stock prices climbing. that is my hopeful scenario. american companies are really profitable right now. tom: one of the issues is, the daily move to the market about what happened, but the very problem is we are talking about traders. most people are investors, they should be thinking long-term. >> value investing for the long-term. i am not an expert stock trader, but steve was also right being bullish on the market in the long run. america has a lot of problems, but when you compare america's problems to those faced by other countries around the world and demographics, china will be old before it is rich, america is the best position to lead. you just a politicians to get some of the grand problems out of the way.
and then we should be in the best position to make this another american century. tom: we will leave it there. >> i like that message exactly. it does not take a lot of tweaking to get there. tom: i am with you. thank you both, gentlemen, very much. the question is are you worried? let us know if you are skittish, why you are skittish on stocks. at the end of the show we are giving you a voice. next, stuck paying off your massive student loan bill? you may be paying for somebody else's education as well, and they are not paying a dime. the details next.
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tell me it is not free. >> they are saying it is $34 million, which they say is not that much money, but it is a lot of money if you don't have kids first of all. lot of money sending them a degree in pottery. technical schools that are part of this problem, that works at are you require them to stay afterwards? how are you getting your money back? we will soon find out. tom: i wanted to do the neil cavuto show. that is when i was 18. what did you want to do when you were 18? did you know what you were doing? >> i did not want other people to subsidize my future. did not want to be indebted to the taxpayer for the rest of my life and that is what this is. if the lawmakers would go to college, the first thing i
learned an economics class would be there is no such thing as a free lunch. this exacerbates the real problem in higher education which is not simply higher prices, it is government involvement. that is why goes up year after year after year. all of the subsidies, all of the grants. we see everything else from hamburgers to the iphone come down in price. get government out. this implicates them even more and that is why prices will continue to go up. tom: the whole idea is it seems community college for some kids is a place to go get some training which would be good, plumbing, electrical, all that sort of stuff but it seems like a lot of this is extended high school because they never learned what they were supposed to in high school. >> all i can tell you is
jonathan is 100% right. it just seems everything now is being paid for by the taxpayer. now let's make it a community college. other states are looking at it. in a country now where we have 80 programs overlapping with a trillion dollars per year, everything is becoming free to certain people, the major cost, i don't know where the end is. this is another addition to the nonsense. tom: people will break their legs to get something for free. next up, trouble brewing for beer companies things the government? yes. warning prices could skyrocket because of a new fda rule that forces brewers to cough up millions more to recycle. even chuck schumer is saying
this is too much, and that is a lot, don't you think? say it isn't so. >> when it comes to regulators we lose calm because they are professional destroyers, they create nothing. they only push up cost. and in this case described as repetitive law. there is no rights being violated. they are feeling very cheap waste to farmers who get a great value out of that waste. along comes a regulator who steps in any charges everybody more for the same outcome. the cost always goes up for no reason, that is why they have to stay out of light beer and everything else. tom: nobody can identify there have been any problems.
the cows get the protein and the green, the cows are happy, the farmers are happy, the brewers are happy. why is the government doing this? >> it is like a few bureaucrats get into the room and say who can we screw next? it is now 80,000 pages. so many of these regulations do nothing more than ray raise caue and get people fired. this is another case in point nothing is being done wrong, let's classify it differently. the costco up for everybody and people may lose their jobs. what do they care, they are just bureaucrats. >> the president keeps talking about we have to get more jobs and administration comes up with these things that are job killers. >> it is an animal feed manufacturer. they will no longer gain the freshman 15 at college because they cannot afford it. all we did was drink beer.
there is no animal feed manufacturing going on. just leftovers making extra cash. tom: the farmers say they love this stuff. they get it cheap, otherwise where is it going to go? they will dump it in the landfill. >> i don't know what the environment was at the white house alluded to. creating more ways instead of putting it to work. trade is win-win for both sides of the equation. regugulalatotorsrs shshow u upt more expensive, more cumbersome for everybody involved. tom: we have to leave it there. thank you very much. meantime, democrats are saying the pipeline pump was not
are we still on for tomorrow? tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way. csx. how tomorrow moves. what a day. can't wait til tomorrow. why relocating manufacturingpany to upstate new york? i tell people it's for the climate. the conditions in new york state are great for business. new york is ranked #2 in the nation for new ivate sector job creation. and now it's even better because they've introduced startup new york - dozens of tax-free zones where businesses pay no taxes for ten years. you'll get a warm welcome in the new new york.
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the green voter base not caring about how many jobs the pipeline would create. you don't need to be from nebraska to see this has politics written all over it. >> it is all politics. i knew when the green coalition, the far right, excuse me, the far left gree green organizatiod a press conference a couple of months ago after they finalize the last environmental study and they came out and said the president signs a permit, you should boycott the 2014 election. they are already in enough trouble going after those elections and i predicted the president isn't going to sign it, he will delay it until after the elections and that is what he did to make it as easy for the democrats in 2014. this administration is the most partisan we have seen, so it should be a surprise to no one.
this is just adding one plus one. tom: you have the labor unions that are saying let's build this thing. they have now push this officially back. science is for it. it is pandering to a very small group. what about the labor groups that he is supposed to be in bed with? >> those of the trade union. his motto part of the totality of the unions. you probably have the union he touts the most two, they are opposing it standing with the president, so even that segment is divided and i think he fears the green groups won't show up on 2014. they don't have a big margin to give up in this off year
election. so everything can hurt even more incumbents in the senate and the house. tom: even th a national post was writing about how you cannot bottle up all of the oil coming out of canada. those fall off the rails every once in a while and they still be at you would think the environmenenvironmental groups k at that and go we will support building a pipeline. safer than railcars. >> you would think so, but they really planted their flag in the ground that they will stop this. the goal is to shut off all fossil fuels. if they open up the pipeline that dream of theirs is going to be delayed by several years. the ambassador of canada was absolutely right, this does reduce co2, it is more
efficient, more safer and it is coming on train rails right now, so you would think the environmental says it would reduce carbon emissions and greenhouse gases would be in favor, but that is not the political agenda. tom: you suggested the billionaire activist wh is behid all of this. who is he, and why would he be behind it? >> he is advocating against the keystone pipeline in particular and fossil fuels but the reality is in his portfolio, he is invested in pipelines in canada that if they keystone does not work will be used to ship oil from alberta to the coast put on ships going to europe and china, not the united states.
tom: i tend to follow the money, and i think you may be onto something. connor's men, thank you for joining us, i appreciate it very much. over 3 billion in hurricane sandy eight left unspent. in washington wants to spend it, on other government projects. and last time i remember, he does not mince words. ♪
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still unspent. now the government is looking to spend a billion of that on infrastructure projects in states that are not impacted at all. in a minute this and the victim still waiting for help says he knows where this money could be spent, but first let's check in with ron meyer on why this is more proof federal money never goes where it is supposed to. i mean, you know the minute one of these disasters happens here they come. politicians run to the microphones and cameras and say, we need the money for the people it never gets there. >> it does not seem to be that way. if you give bureaucrats a ton of money and going to spend it the way they want to which is what we're seeing. they have between one and $3 billion left over. instead of giving it to anyone who really needs help in trying to invest in future infrastructure. the bill was written to address disasters between 2011 and 2013. this is just like with obamacare
the more of the law the way they want. they are changing this law from the executive branch instead of doing what congress intended, to help the victims of sandy. and to take this money and go and to spread the wealth around like they want to his ridiculous if they have extra money, return it to the taxpayers. a lot of folks just pay taxes and pay a lot of money on april april 15th. >> the thing about this money and, when it goes out remember there was a delay. a lot of people on the republican were saying, wait a minute. and governor christie, cuomo, new jersey, new york, connecticut, everyone jumped on it. what was very? >> they tried to get this in the giving as much money as possible. i understand that there are some people who still need help now, but the way that governor christie the target of the house
of representatives and really persuaded them to just give a very open check, this kind of shows what this leads to. if you don't start out with those that are directly funded and appropriated directly where they're supposed to go it gives too much decision making power to bureaucrats, too much executive power to the branch and the folks are trying to turn around and give money to projects they like instead of what congress intended in the people wanted and we voted for. tom: i know we're talking about sandy, but an article comes to mind about bp is still paying penalties, tens of millions of dollars for this bill. the money is now going to people who want to build a water treatment plants that aren't even in the gulf of mexico. again, it's a money grab. there's a pile of money somebody will want to get there hands on a. >> it makes the bigger case that states should take responsibility over disaster relief and really set up a rainy
day fines. all other states in that getting punished because they have done what is responsible. when you have the federal government handle everything hat happens.ton d.c. this is this is what happens with the apartment of education, all these bureaucracies. it will pick the project the like, the ideologically driven projects when it comes to infrastructure or green energy. if you give the bureaucracy in and say it will take a mile and do what they want politically with that money which is what we really have to put some serious strings attached. this is what it leads to. $3 billion that at the end of the day we won't know what happened to. tom: there is no accountability. at this maker little bit. they're not even talking about at. thank you for joining us. next to a hurricane sandy victims kymograph joins us on the phone. you're not surprised. >> not at all.
and a victim of sandy. in no, we applied for all these different grants and loans we have flood insurance. we did the right thing. we work. we paid our insurance. we had a fema, and saying that we were still x amount of dollars that we needed to get our house back in order. now you read this thing. you know, i only started working on about nine houses. there are about 500 in new york alone and a damaged or not even stand anymore. tom: i saw that when the mayor wants to give 500 homes built by summertime the landy's only got nine started. so first of obama, that speaks volumes right there. over three and half billion dollars left. they're talking a billion go someplace else.
>> you still have, you know, win the greatest country in the world with the biggest and we always give to every other country like it was -- when it's coming to the middle-class working families that own the property, on their land, and the need the help, you keep scoring them over. you know what, i said that to obama when i met him down in middlefield. you know what command seems that the middle class gets stepped on they just get the middle finger from everybody, and it's wrong. tom: what did he say? >> we're going to get the help. the red tape was going to be cut . the red tape has not been cut. there's still people that are homeless, people -- i have friends that are not in their home. almost 600 days. mommy, daddy, when a regal and how. their still living in an apartment. they are not home.
it's not right. the money was supposed to be used for the victim. if the government did the job years ago and put the firms and this wall up there to stop the water from coming. you would not have all this money. my going to put it this way. put a wall up there, i see wall so that the house don't get damaged. he could done at 30 years ago and not have the problem. you would not have access of money. tom: government, they wait until they're is a crisis. you know that. they are not preempted in any way. so these people that you talk about that are still homeless, what is the hang up? what is the problem? getting turned down, not know how to deal with the bureaucrats ? >> of tell you, i'll use me for an example. i moved back in the miles with
no walls of stuff in december. you guys were at my house. that's because this city and the state were punishing people for having income, for making a job. if you have x amount of dollars in make you do not qualify for some of these programs. sba, i turned down loan. they wanted to take a 14 year lean on my elbow until that's paid off. god forbid there was a fire or another storm, they will do it all the insurance money first. and i'm down to nothing. that means i have to borrow from the government and put myself and further debt. people cannot afford a mortgage, alone, and rebuilding. people don't have the money. tom: nl kneele likes to check in with you, and i know he will follow this because it is amazing that.
a thank-you so much for joining us on the phone. wish you well. >> you're welcome. thank you. tom: how attractive is america. you would help businesses sauce like kate upton, but we will tell you why we're looking more like frankenstein. the horrible news is next. ♪ predicting the future is a pretty difficult thing to do. but, manufacturing in the united states means advanced technology. we learned that technology allows us to be craft oriented.
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♪ unbeaten. tom: when it comes to taxes america is no victoria's secret model. a recent study showing out of 100 countries we have the 94th whirs most attractive tax system. that is below mexico, egypt, japan, even below zimbabwe. not pretty. to americans him for tax reform. have to give ourselves a makeover. why are we so tax unattractive?
>> unfortunately i could go on and on for days. there are a few basic points to be made. you are measuring our tax code against other countries, the first thing a lot of people look to is the corporate income-tax rate between now have the highest in the developing world. part of that is because the united states has state corporate income tax rates that i added on top of our federal rights. that put this wave of the average and keeps people from investing in jobs, the economy. tom: listen. this has been kicked around a lot. even the casual observer knows that we have the highest corporate tax rates. slowing in crude. the republicans are for it, the president had he is for reducing corporate tax rates. what is the hangup? >> i think it's a combination of things. one is. the white house has been talking a good game about lowering the corporate tax rate, but has put nothing full word that is formal and real proposals and put all
our energies upon it. his command a lot of demagoguery in fact among the president's budget as a couple hundred billion dollars with the new taxes on businesses that to business abroad. tom: the chairman of the house ways and means committee, the birthplace of tax laws and american, he is cooling to do this big tax reform. i get nervous. but then he turns right around. couple of weeks ago he says, now why was he making a big proposal and then all the sudden knew that he was going to quit. >> the chairman did a lot of hard work. the last time when a major overhaul the tax was two decades
ago. we had one remaining member still there. so he really did a nice job making sure that members understood what the principles of tax reform could be. you're right, looking at the full job there are a lot of things that are left on the table. one of the things about tax reform that makes you when i no reason why it needs to be a huge project is because we don't have parity between the corporate income-tax rate and business taxes that people who are paying on the personal side subject to. that's why we need to do a large package of were looking to do something on tax reform, but it's very difficult and expensive. tom: scott, i know you are old enough to remember all the changes in the 80's. it seemed like every two years there was another big change. what i remember of that was whenever washington starts talking about, let's to a big
revamp of the tax code, lot of businesses say we're not doing anything, and vesting, expanding the amount of capital spending until we figure out what the rules are. >> stability is a really important part of the tax code. there has been so much upheaval of the past few decades. especially on the corporate side, very hard for businesses to project. in fact, right now congress is considering what we call the package of extenders. fifty-five different provisions in the corporate tax code that lapse year after year after year. congress has to go back and renewed in. one of those is the very important research and development tax credit which a lot of people attribute tire research and development spending. when you have that much uncertainty and you get less of the things that we really want at of tax provisions. tom: if you were a betting woman, you're betting on any tax
law changes allow people to keep jobs here and create wealth and prosperity. tom: thank you both. forget forcing businesses who had to pay $10.10 an hour, how about $25 an hour. it is closer than you think. next, the minimum wage hike that is making businesses say yaks. ♪ up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people
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♪ tom: back with the baseball is. businesses are being beaten back into a corner, especially in switzerland. the swiss are looking to hike the minimum wage to $25 an hour. this would be the highest in the world, but businesses are morning of big layoffs. sound familiar? back home the ceo here is saying that america would lose half a million jobs and businesses are forced to pay $10.10 an hour. the president wants it and is still pushing. it back with tracy burns, jonathan, and carry on the dangers of ignoring these warnings. jonathan, this, i mean, it seems like a double math. you make people -- labor more expensive. >> of switzerland is a great example of why not having a minimum wage actually benefits and the economy. the swiss have had no minimum wage up to this point. their unemployment is three and a half%.
just a tax as it hurts the low-skilled people just starting out in a clear, trying to get those basic skills to move up the ladder. to your point you raise the cost of labor, especially among the low skilled individuals who are just getting started and need jobs. tom: the thing that drives me nuts about this argument ithis t that's a fraction of a percent of people in this country. the biggest group of those people on minimum wage are teenagers from a fallen homes. >> well, one comes to mind. germany. germany is more than half lower than the $24. i can promise you, businesses will go to where they are treated best. businesses have to pay too much because of a mandate by government there will say goodbye and head to germany. look at what happened in france. they raised the taxes on a lot
of wealthy people and businesses you have to be careful. for the swiss, let's hope to turn it down. tom: i don't want to blow by what jonathan just said because i was talking about the fact that this is the first time they have never had a minimum wage in switzerland. this is going to be the first. they go and a 25. they're like a small state. they could just go next door. >> 90% of the people in switzerland already. so you're talking about exactly you're talking about, high-school kids looking for jobs or not up to par but will be. so in 18% corporate tax rate. it is the perfect place to do business. they're shooting themselves in the foot. tom: i say switzerland, go for it. go for it. a nice little economic plan, switzerland, raise it to 25 and see what happens.
>> you're right. maybe someone will wake up and say, look what happened over there. tom: they would wake up except it is not an economic argument. it's a political argument. let me throw this in there. and not so original idea of a few see a problem you recall the product. kraft recalled 96,000 pounds of oscar meyer winners. the problem, they may mistakenly have cheese in the. it actually sounds kind of good. meanwhile, general motors is reportedly delaine yet another recall even though it knew the cars may not be safe. gm focus on profits coming back to bite them? >> i can tell you, the old line that it takes lauren simonetti -- decades turn a good reputation and one minute to lose it, that's what is happening. the earnings reputation that they don't care too much about safety is putting profits in front of it.
this is going to come back. remember, people have choices. the other part of the equation, all the money being spent on advertising is just a big waste right now. when you open the paper front page. i. tom: march was a good month for general motors. it did just fine. >> in terms of the public trust, no. this is a company bit -- and to gary's point, that's what matters. this is a company, keep in mind, and already a lot of americans are suspicious about. general motors, many still call it government motors, a company that should not exist. the fact they seem to have been so fast and loose will make a lot of people think twice about buying gm. where is the president and all of this? so quick to take of the victories up. off the silent.
tom: the white house is not saying a thing. >> this power steering thing, i am old enough to remember cars without. i can relate to that. a little bit more than this notion that i will kick the ignition with money. i think this will head home more so than the other. especially because they did nothing about it. it takes a few months for people to start to really think about this. those numbers for march were probably in place already. tom: you're probably right. when you take a look it this ceo who came out and said, no, we have a responsibility, moral, ethical, we will take care of the problems even though it was prior to our bankruptcy. of the lawyers are starting to say, that was the old gm. what you think will happen? there's pressure on them to basically not take advantage of the bankruptcy loss. >> i think you're going did hear the word settlement about 100
times going forward. people died. people died. people died because of their inaction. that is what will hit the headlines. if they try to use the bankruptcy which, by the way, was done illegally, if they try to use that there will be a big backwash, even from politicians on both sides of the aisle which does not happen often. tom: is this going to help ford? >> certainly in terms of reputation. think back. tom ford had issues when it comes to safety. takes a long time for a company to rebuild that trust that has seemingly been completely lost. so i think there will go the ford, european imports, anywhere else. negligent when it comes to people's safety and lives. tom: all right.
thank-you. appreciate it. well, when the white house reads these, it looks like twitter followers have some serious trust issues. trust me. you're going to want to stick around to reply. you start tomor? yes sir. alright. let's share the news tomorrow. today we failrly busy. tomorrow we're booked solid. we close on the house tomorrow. i want one of these opened up. becae tomorow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. when csx trains move forward, so does the rest of the economy. csx. how tomorrow moves.
why relocating manufacturingpany to upstate new york? i tell people it's for the climate. the conditions in new york state are great for business. new york is ranked #2 in the nation for new private sector job creation. and now it's even better because they've introduced startup new york - dozens of tax-free zones where businesses pay no taxes for ten years. you'll get a warm welcome in the new new york. see if your business qualifies at startupny.com